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The fast-growing sports betting industry faces backlash in legislatures and Congress, with more states banning 'prop bets.' As the industry pledges $20 million to responsible gaming efforts, concerns over addiction and financial risks arise. The surge in sports betting, fueled by events like March Madness, NBA, and NHL playoffs, has led to a proliferation of mobile apps and online sportsbooks. The Consumer Financial Protection Bureau highlights the need for oversight in gaming platforms, especially in the realm of web3 gaming, comparing gaming assets to bank services.
TL;DR đ¨ More regulation for web3 games may be on the horizon đ¨ Gary and the CFPB are looking to force Money Transmitter licenses and other regulatory requirements on the space Everyone needs to keep an eye on this https://t.co/UBruowtj1R
The push for heightened regulation in gaming has begun. The @CFPB has specifically mentioned the act of âmoney transmissionâ that has begun to occur in gaming with the need to âensure compliance with protection lawsâ What does this mean for games? read: https://t.co/ek89S2WuaA
Is Your Video Game Account a Bank Account? The CFPB Thinks So. https://t.co/qpazGKfTSA